Zelenskyy outlines Ukraine’s plans for spending €35 billion EU loan

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Ukrainian President Volodymyr Zelenskyy has outlined how Ukraine plans to use the €35 billion loan provided by the European Commission.

Source: European Pravda, citing Zelenskyy during a press conference with European Commission President Ursula von der Leyen in Kyiv

Zelenskyy said the funds from the EU loan will primarily be spent on energy.

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Quote: “We will use these €35 billion primarily on energy, defence, and bomb shelters for children in schools, kindergartens, and universities – a major shortfall for us, ” Zelenskyy said.

Additionally, Zelenskyy stated that the money will be used to purchase weapons, primarily those made in Ukraine, including long-range drones and missiles.

“We are also prepared to spend part of these funds on air defence systems, which are not produced in our country,” he added.

Background:

• Earlier, von der Leyen announced that the European Commission would provide Ukraine with a loan of up to €35 billion as part of a G7 countries’ lending plan of US$50 billion which utilises the proceeds from frozen Russian assets.
• The President of the European Commission said Ukraine would have the right to decide how best to use the funds provided by the EU.
• This refers to a US$50 billion loan plan for Ukraine, agreed upon by G7 leaders, which will be repaid through the profits generated from investing the frozen Russian assets.

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